Crude Oil: Brent and WTI Both Reverse into Gains as Middle East and Russia-Ukraine Supply Risks Intensify

Deep News
18 hours ago

Crude oil futures climbed as Ukraine cast doubt on the so-called "energy ceasefire" championed by U.S. President Donald Trump, while Saudi Arabia — still reeling from the deadliest attack since the outbreak of the Iran war — faced a fresh wave of strikes.

Brent crude futures rose roughly 1.8%, settling near $107 per barrel. The December contract settled at $106.65 per barrel in New York. The November West Texas Intermediate contract gained 2.1% to close at $93.74 per barrel.

Ukrainian President Volodymyr Zelensky said his country would continue striking Russia as Moscow keeps targeting Ukraine's energy infrastructure. He said he learned about Trump's claimed energy truce from social media, but that it was "obvious" Russian President Vladimir Putin "doesn't watch Truth Social." "This is not a ceasefire we expect to hold, and it hasn't even taken effect yet," said Amrita Sen, founder and director of market intelligence at energy consultancy Energy Aspects Ltd., in an interview.

In the Middle East, Saudi Arabia said it had detected new hostile threats, while operations at Riyadh's main airport remained halted. Tehran-backed Houthi militants attacked the transport hub over the weekend, killing at least 14 people and injuring hundreds more.

Additionally, attacks on oil tankers in the Strait of Hormuz have escalated. The United Kingdom Maritime Trade Operations (UKMTO) said a tanker loaded with refined products was struck by an unidentified object while leaving the Strait of Hormuz. According to aggregated tanker tracking data, at least 10 very large crude carriers (VLCCs) and several Suezmax tankers have halted or turned around in recent days as they approached the UAE's Fujairah port.

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